Hollywood studios have increasingly been targeting audiences in Asia, with the market becoming more and more lucrative for cinema releases.

In previous years, the Chinese government only allowed 20 non-Chinese films to open in its cinemas every year, but a 2012 trade deal agreed with the US in 2012 saw that number rise to 34 so long as the films were in 3D or IMAX format.

Transformers: Age of Extinction was tailored heavily to Asian cinemagoers - the film's final act takes place in Hong Kong and Beijing, Chinese star Bingbing Li featured in a prominent role and the Dinobots sported a design resembling mythical Chinese dragons.

Paramount CEO and chairman Brad Grey said of the film's success: "Achieving this historic benchmark with the unparalleled support from our partners in China has been a spectacular experience for our studio.

"We're honored by the deeply passionate response from Chinese audiences - and audiences throughout the world - to Transformers: Age of Extinction and the unique storytelling of Michael Bay.

"The many new relationships we have built with members of the creative community in China is a source of great pride and we look forward to collaborating with them in the future."

This Transformers instalment has already earned more than $624 million worldwide. The franchise's most successful outing, Transformers: Dark of the Moon, ended its cinema run with $1.1 billion and sits at number seven in the all-time box office rankings.